National

Changes to minimum tax to add $2.6 billion over five years for feds: PBO

Darpan News Desk The Canadian Press, 07 Sep, 2023 10:57 AM

The parliamentary budget officer says the federal government's proposed changes to the alternative minimum tax will generate an additional $2.6 billion in revenue over five years.

The tax aims to ensure high-income earners and trusts don't pay disproportionately less in taxes than other taxpayers.

The Liberal government proposed in the 2023 budget changes to the alternative minimum tax so that the highest income earners pay the greatest share of the revenue generated from the tax.

The changes, which come into effect in January 2024, would increase the minimum tax from 15 per cent to 20.5 per cent.

At the same time, it would increase the amount that is excluded from the calculation from $40,000 to $173,000.

While the budget watchdog finds the changes will lead to the highest-income earners paying the largest share, it does not find that to be the case with trusts.

Prev Next

MORE National ARTICLES

Chilliwack RCMP need the public's help in identifying three children involved in suspicious occurrence at Portage Park

The boys are described as approximately eight to ten years old. It is possible that they had a skateboard and a scooter and departed toward Menzies Street. The girl is approximately eight years old. the man involved in Friday’s incident at Portage Park is not believed to be related to a previous report of suspicious activity on Cedar Creek Drive.

Chilliwack RCMP need the public's help in identifying three children involved in suspicious occurrence at Portage Park

B.C. 911 dispatcher union calls for more funding

Emergency Communications Professionals of BC said in a news release that staffing shortages have forced call takers to work "well beyond" their normal hours, which it believes is unsustainable. The temporary provisions are set to expire Sept. 21, while the added mental health supports end in December, the union said.

B.C. 911 dispatcher union calls for more funding

VPD need public's help in resolving a hit and run that ended up killing a dog

“Based on the information collected so far, there is no question the driver of the SUV knew he hit the dog and its owner,” says Constable Jason Doucette. “Luckily the owner suffered only minor injuries, but the loss of one-and-a-half-year-old Tobi has been devastating for the family.”

VPD need public's help in resolving a hit and run that ended up killing a dog

Canada to implement 988 suicide crisis line

It says starting at the end of November 2023, Canadians will be able to call 988 to be connected to a mental health crisis or suicide prevention service, free of charge. The Public Health Agency of Canada will decide which group will provide the service, along with the scope of care it will offer.

Canada to implement 988 suicide crisis line

Collision claims life of 80 year old motorcyclist at Cherry Creek

The motorcyclist, a man in his eighties from the Kamloops area, died as a result of the collision. The driver of the van, a man in his seventies from the East Kootenays, was not injured in the crash, remained at the scene and cooperated with investigators.

Collision claims life of 80 year old motorcyclist at Cherry Creek

Arson suspect identified and arrested

On August 26, 2022, a 54-year-old woman was arrested and the Surrey RCMP General Investigation Unit executed a search warrant on a residence in the Cloverdale area. The suspect was later released pending further investigation.